White House Sends Nomination to the Senate

July 19, 2011 -- President Obama announced Monday he has nominated Richard Cordray to be director of the Consumer Financial Protection Bureau (CFPB) for a term of five years. Cordray is currently the head of the enforcement division of the CFPB and previously served as the Attorney General and Treasurer for the state of Ohio. “The fact is the financial crisis and the recession were not the result of normal economic cycles or just a run of bad luck,” President Obama said in his statement announcing Cordray’s nomination. “There were abuses and there was a lack of smart regulations. So we’re not just going to shrug our shoulders and hope it doesn’t happen again. We’re not going to go back to the status quo where consumers couldn’t count on getting protections that they deserved. We’re not going to go back to a time when our whole economy was vulnerable to a massive financial crisis. That’s why reform matters. That’s why this bureau matters. I will fight any efforts to repeal or undermine the important changes that we passed. And we are going to stand up this bureau and make sure it is doing the right thing for middle-class families all across the country.” Read more